BTC Needs users and not hoarders

[dedcoin]

We should try to increase our usage of BTC, in our daily transactions. It is the only way we can really come to trust this new technology and dump CCs.

Random idea:
On your next purchase on an e-commerce website accepting btc, buy bitcoins and use them instantly. Like a reverse bitpay.

What do you think of it as an actual business?

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[alexeft]

We should try to increase our usage of BTC, in our daily transactions. It is the only way we can really come to trust this new technology and dump CCs.

Random idea:
On your next purchase on an e-commerce website accepting btc, buy bitcoins and use them instantly. Like a reverse bitpay.

What do you think of it as an actual business?

Ouf!!!

Only letting people what's in their best interest will let us know if bitcoin continues to be successful or not.
For the time being, it is!

[dedcoin]

Only letting people what's in their best interest will let us know if bitcoin continues to be successful or not.

You are then using the very effective phrase : "Believe me, I am an engineer"

How about being the cool kid using the cool tech.

[fa]

hoarders are also users, or at least potential users. Even for hoarders, BTC being bought and dumped b
by them are btc being used after all, right?

[oda.krell]

Partially true, partially wrong, OP.

I think it was user Rampion who phrased it something like "the long-term holders are the ones who provide the price foundation of BTC, and the shorter-term investors - and I would add: users - are those who, once in a while, are the primary force behind another 'growth spurt' to the next price level."

[dedcoin]

hoarders are also users, or at least potential users. Even for hoarders, BTC being bought and dumped b
by them are btc being used after all, right?

Not at all.
It's like Forex vs real life :: Speculation vs real value.
Trading on an exchange and using BTC daily is very different. The volume will be extremely organic and healthy.

[dedcoin]

Partially true, partially wrong, OP.

I think it was user Rampion who phrased it something like "the long-term holders are the ones who provide the price foundation of BTC, and the shorter-term investors - and I would add: users - are those who once in a while primarily drive the 'growth spurts' to the next price level."

I think hoarders are using BTC as store of value (at best). But it's at their own risk. Cause it might also fail.

What I am proposing is a win-win situation. Using BTC will only make it stronger and more spread. Ultimately, merchants will keep BTC instead of dumping it immediately.

[oda.krell]

Partially true, partially wrong, OP.

I think it was user Rampion who phrased it something like "the long-term holders are the ones who provide the price foundation of BTC, and the shorter-term investors - and I would add: users - are those who once in a while primarily drive the 'growth spurts' to the next price level."

I think hoarders are using BTC as store of value (at best). But it's at their own risk. Cause it might also fail.

What I am proposing is a win-win situation. Using BTC will only make it stronger and more spread. Ultimately, merchants will keep BTC instead of dumping it immediately.

I don't disagree with you on that: we need adoption (both by buyers and sellers) to grow, otherwise, it's mainly speculation.

But I added two points to that: a) holders are users as well, using btc as a store of wealth, and b) because of their reluctance to sell, their participation provides a price/market cap floor (which is useful as well).

tl;dr Use Bitcoin for transactions/e-commerce as much as possible, but let's not demonize holders either.

[dedcoin]

tl;dr Use Bitcoin for transactions/e-commerce as much as possible, but let's not demonize holders either.

That's not my message. I just would like the medium to large holders to spend regularly whatever small % and replenish.
That would easily double the volume.

[gentlemand]

I'd love to be paying for everything in BTC. That's mainly a luxury for US residents though.

In the UK there are some merchants and a few gift cards etc but nothing like coinbase so replacing the coin you spend can add a beefy premium to any transaction.

[Wilhelm]

I know a guy who bought a Pizza once ... it cost him $5M

[onlyu]

We should try to increase our usage of BTC, in our daily transactions. It is the only way we can really come to trust this new technology and dump CCs.

Random idea:
On your next purchase on an e-commerce website accepting btc, buy bitcoins and use them instantly. Like a reverse bitpay.

What do you think of it as an actual business?

The process you describe:

Convert fiat to bitcoin -> use bitcoin to pay merchant -> merchant convert bitcoin back to fiat.

Wouldn't it be cheaper to use credit card and dwolla ?

[oda.krell]

tl;dr Use Bitcoin for transactions/e-commerce as much as possible, but let's not demonize holders either.

That's not my message. I just would like the medium to large holders to spend regularly whatever small % and replenish.
That would easily double the volume.

Well, there's a chance that's not going to happen. If you were an early adopter, as in: you got your coins really cheap, spending a  non-trivial percentage of your current USD worth held in BTC might not be easily replaceable, ergo: some/many of the long-term very bullish holders won't do it.

[NotLambchop]

tl;dr Use Bitcoin for transactions/e-commerce as much as possible, but let's not demonize holders either.

That's not my message. I just would like the medium to large holders to spend regularly whatever small % and replenish.
That would easily double the volume.

You're talking about Velocity_of_money.  It's a can of worms...

[piramida]

We should try to increase our usage of BTC, in our daily transactions. It is the only way we can really come to trust this new technology and dump CCs.

Random idea:
On your next purchase on an e-commerce website accepting btc, buy bitcoins and use them instantly. Like a reverse bitpay.

What do you think of it as an actual business?

I think it goes without saying that every bitcoin "hoarder" seeks merchants accepting bitcoin and uses bitcoin wherever possible. But artificially trying to increase volume? That will never work. Just have patience, it will all come.

As for buyback feature, check out coinbase, they offer you to refill your spent bitcoins when you've completed BTC purchase. Probably others do that as well. But I still think it is silly, because I spend bitcoin when it is expensive or stable, and buy in bulk cheaply when everybody panics for some new stupid reason. That gives me an actual and quite significant discount when buying things with bitcoin.

[arbitrage001]

To keep the value artificial high, we need hoarders.

To expand the market and increase merchant adoption, we need spender and consumer.

Increasing usage might not be good for speculator as merchant usually do not hold the coin and sell right away. Hence depressing the price.

[notme]

I know a guy who bought a Pizza once ... it cost him $5M

It was 2 pizzas

[ensurance982]

Well, I agree to a certain extent, we need an increasing usage in order to attract new merchants and spread the word in general! Bitcoin needs to be used more! BUT: Many people claim that an increased spending of Bitcoin will push the price down, because most merchants are using services like BitPay that immediately convert the BTC to FIAT again...

[falllling]

Well, I agree to a certain extent, we need an increasing usage in order to attract new merchants and spread the word in general! Bitcoin needs to be used more! BUT: Many people claim that an increased spending of Bitcoin will push the price down, because most merchants are using services like BitPay that immediately convert the BTC to FIAT again...

Bitcoin price recently has tried more than three times to break out but all failed, this showing the general market think bitcoin is over-price & over-value & should go down

If we don't go up soon then some big dumps can be expected, just like the last long sideways which crashed after failed to touch $620
This time bitcoin is going to flash crash down to $1xx - $2xx, however back up again is possible in the long term (may be 2016-2017)

Winklevoss ETF will actually be shot down
GABI is already priced in
Dubai exchange won't create any thing new

Let's talk straight:
Bitcoin has tried it's best to break out but all failed, people are getting out and no one with a college degree will invest any serious sums into bitcoin after MTGOX fiasco,
The market is currently only a playground for gamblers and fanatics

Bitcoin is just like a ponzie pyramid schame today, your fund invested in bitcoin are vanishing because early adopters / merchants are selling / spending / cashing out them very hard (you saw all those " xxx accepted bitcoin" news, most bitcoins accepted are sold right away means your fund has been transferred to the merchants,Convert fiat to bitcoin -> use bitcoin to pay merchant -> merchant convert bitcoin back to fiat),

Only who bought lower than you will sell/use the coins, same as you want more people to buy the price higher than your bought price so you can grab their money and get rich just like a ponzie schame.
The question is people are getting out, no one is buying your coins, what you left at the end are worthless digital numbers

[ensurance982]

falllling, I'm honestly interested in the following: Have you ever been pro Bitcoin? When did you learn about Bitcoin? When did your sentiment change (if it was bullish at some point) And what would need to happen for you to change your sentiment again?